A unique clean-energy financing program in Michigan has expanded in size to serve nearly 1.5 million residents, and is poised to add the state’s most populous county.
Lean & Green Michigan, whichMidwest Energy News profiled in April, is a private initiative to help cities and counties set up districts to administer Property Assessed Clean Energy, or PACE, programs.
PACE programs enable property owners to finance efficiency upgrades and other energy improvements through a property tax assessment — meaning the debt stays with the property, rather than the owner, an arrangement that provides greater security for lenders.
While Michigan has allowed PACE financing since 2010, few jurisdictions have the resources or expertise to administer the programs — so far, Ann Arbor is the only city to set up a district on its own. Read more.